show
show
Witnessing the digital breakthrough

Telegram Pays SEC Penalty

26 June 2020 15:58, UTC
Telegram Pays SEC Penalty
By Anna Martynova

The settlement, which was reached on June 11 and concluded the six-month lawsuit between the SEC and Telegram, indicates that the messaging platform is liable to investors and pledges to return to them the profits resulting from illegal activities in the amount of $1.22 bln. Telegram also has 30 days to pay the fine set by the US Securities and Exchange Commission in the amount of $18.5 mln.

According to the settlement agreement, Telegram must notify the SEC 45 days before the company wants to issue “cryptocurrencies”, “digital coins”, “digital tokens” or any similar digital assets using distributed ledger technology.

Recall that earlier Telegram offered its investors outside the United States to wait another year with a promise to return 110% of the invested amount instead of 72%. However, not all investors were happy with the deal, and one of them said that they had already sued the company.

Image courtesy of Archyde



Read the best crypto news analysis here! bitnewstoday.com Bitcoin, investments, regulation and other cryptocurrencies
Found a mistake? Select the text and press CTRL+ENTER
Leave a comment
Leave a comment
Report a mistake